Are you a family business owner who needs to work on your succession plan? Be sure to consider whether, and when, you want to give up control of the company.
Planning for year-end gifts with the gift tax annual exclusion
There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.
There’s currently a “stepped-up basis” if you inherit property — but will it last?
Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.
Retiring soon? Recent law changes may have an impact on your retirement savings
Saving for retirement can help make your future brighter. Recent tax law changes might allow you to save more with your IRA or retirement plan.
Why it’s important to plan for income taxes as part of your estate plan
With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
Take advantage of a “stepped-up basis” when you inherit property
If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.
Can I Use a Qualified Residence Trust for a Vacation Home?
Yes. Many people with second homes want them to stay in the family but also want to limit estate and gift taxes upon their transfer. One way to achieve this might be to create a qualified personal residence trust (QPRT). How Is the Property Valued? The gift’s value is determined by calculating the home’s present[ … ]
